A good night for libertarians
We don’t yet know the final outcome of last night’s election, but there are hints that we may be facing a divided government. The stock market is up strongly, perhaps anticipating that if Biden wins he will not be able to enact a “big government agenda”.
We do know the outcome of many other referenda, and there seem to be lots of wins for libertarian-leaning voters. John Cochrane has a post expressing satisfaction with the outcomes of a number of propositions in California, where voters defeated rent control and affirmative action, and approved a measure exempting ride-sharing employees from burdensome regulations. Uber and Lyft drivers will be able to continue operating as independent contractors.
Elsewhere, pot was legalized in New Jersey, Arizona, Montana and even in highly conservative South Dakota. The national trend seems unstoppable. What’s holding up New York?
Possession of all drugs was decriminalized in Oregon, and psychedelic mushrooms were decriminalized in Washington DC. Illinois voters seem to have rejected a progressive income tax. [Update: Possession of small amounts of all drugs in Oregon.]
More speculatively, there is some indication that the “socialist” label (fair or not) has little appeal to many minority voters.
To be sure, there were a few losses for libertarians, such as Florida raising its minimum wage. But overall, a very good night for libertarians. Please add races I missed in the comment section.